Credit Card Debt Repayment

So, I reallllly enjoyed my camping trip!! I even had some great conversations about money!

I talked to Jordan about some ideas that came up while camping - and I have decided (with his support) to use my emergency fund to help pay off my Visa once and for all. Jordans income could cover all the bills if I were to lose my job (with nooo wiggle room) - and we have over $3000 in our house fund. So IF IF IF I were to lose my job, he said we could use the house fund temporarily.


I know, I know - I NEED an emergency fund. Yes, thats true. However; I think whats most important right now is getting rid of this credit card debt. I beleive I am experiencing debt fatigue.... I have had this stupid credit card debt that waivers between $2000 and $3000 for the last several years... and I am so tired of feeling sick and sad over it. After 5 birthdays this month and 3 camping trips - I managed to get it up over $2700!!! How did I do that!.... so Stupid!


Heres what I am going to do:


The items highlighted in green have already happened. Due to my horse moving to Calgary! Yes she will be moving on August 4, 2009 (and might be pregnant, but thats for another post). Ill need about $150 from my emerg fund to cover a few things, so $850 of that will go on my credit card. I have 30 extra hours coming to me this week which should be about $300. I will be banking another ten hours this week and next week that I will request to be paid out probably on August 21, 2009 if not sooner. Which may shorten this time frame.

So - thats the plan (again... another plan).

Once the E-fund comes through (online transfer ING to CIBC) I will cut up my credit card.

I will!

3 comments:

  1. Good luck with the paying it off! I think if I were in your situation and it was just between $2-3k I would do the same thing. In fact, that is probably exactly what I'll do once I get my debt to a level that my emergency fund will be able to pay it off. I think having the house fund as a back-up emergency fund is a great idea. Sounds like you figured out a way to do it keeping the consequences in mind. =)

    ReplyDelete
  2. Cut it up, but don't close the account. Then when it is all paid off, you could ask for a new one - say it is damaged - and ask for a lower limit, so you can't get over your head again.

    ReplyDelete
  3. Hi,
    I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate . I came across this company on NBC News Special Edition.Check it out here:
    http://CreditSolution.com

    ReplyDelete

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